With the advent of 2024, a new round of minimum wage adjustments will kick off across the country.
Taking Hubei Province as an example, the province** issued an important notice on January 25, deciding to implement a new minimum wage standard from February 1, 2024, dividing the monthly minimum wage standard for full-time employed workers into three levels, namely 2,210 yuan, 1,950 yuan, and 1,800 yuan; The hourly minimum wage standard for part-time employees has also been adjusted to 22 yuan and 19 yuan5 yuan, 18 yuan. These amounts do not include overtime pay, special working environment allowances and other statutory benefits.
Recently, not only Hubei Province, but also Zhejiang, Jiangsu, Henan and other provinces have announced that they will implement a new minimum wage standard in 2024, in response to the dual needs of social and economic development and protecting the basic rights and interests of workers.
1. What is the specific impact of the increase in the minimum wage on enterprises and workers?
The most direct impact is overtime pay and social security contributions. As the minimum wage increases, so does the calculation base for overtime pay and social security contributions. This means that companies need to calculate overtime wages based on the new minimum wage standard, and the base must also be adjusted upwards when paying social insurance.
The actual wages of grassroots workers may increase. Because the wage level of some workers is close to or even equal to the minimum wage, when the minimum wage is raised, the real income of this group of people is expected to increase accordingly.
The probationary period will also be affected by the adjustment of the minimum wage. According to the Labor Contract Law, the salary during the probation period shall not be less than 80% of the salary agreed in the labor contract, and shall not be lower than the minimum wage standard of the place where the employer is located. This is of great significance to protect the rights and interests of workers during the probationary period.
As for the standard of economic compensation, it is also linked to the minimum wage. If the average wage of the employee in the 12 months prior to the termination or termination of the employment contract is lower than the local minimum wage, the minimum wage will prevail in the calculation of the severance payment.
The remuneration of part-time employees is also affected by the adjustment of the minimum wage policyThe hourly remuneration standard shall not be lower than the minimum hourly wage standard stipulated by the local people.
Regulations such as sick leave pay and wage deductions are also closely related to the minimum wage standard. Although sick pay may be lower than the minimum wage, it must not be less than 80% of the minimum wage; However, in the case of the employee's own loss due to his own reasons, the deduction of the wage part cannot make the remaining salary lower than the local minimum wage standard.
Second, we should pay attention to a key issue: whether the minimum wage standard includes the payment of five social insurances and one housing fund
The issue varies from country to country. For example, Beijing, Shanghai, Anhui and other places clearly stipulate that the minimum wage does not include social insurance premiums and housing provident funds payable by individuals; Jiangsu, on the other hand, pointed out that the housing provident fund is not included in the minimum wage standard; On the other hand, Sichuan, Shandong, Zhejiang, Hebei, Inner Mongolia, Guizhou, Yunnan, Xinjiang and other places have made it clear that the minimum wage includes social insurance premiums and housing provident funds payable by individual workers (the specific situation may include pension insurance, unemployment insurance, medical insurance and housing provident fund). As for Hubei, Shaanxi, Henan and other places, although they have not made a clear statement, they usually follow the principles of the national "minimum wage regulations" to deal with such issues.
As for the question of whether the minimum wage includes five insurances and one housing fund, there are obvious differences in different places, and workers must understand the local policies in detail when signing the contract to ensure that their legitimate rights and interests are effectively protected.
Third, for the further adjustment of the minimum wage standard, enterprise managers and ordinary workers need to pay close attention to the many effects brought about by this policy change
For enterprises, it is particularly important to grasp the trend of cost changes brought about by the increase in the minimum wage standard, adjust the human resource strategy in a timely manner, and take into account economic benefits and social responsibilities. At the same time, strengthen the construction of internal systems to ensure that on the basis of abiding by laws and regulations, we will do a good job in the implementation of employee salary management and benefits.
For workers, fully understand the importance of the increase in the minimum wage standard to their income, welfare and career development, actively understand the specific policy details of the region, enhance their awareness of self-protection of rights and interests, and actively participate in workplace planning and development.
Every adjustment of the minimum wage standard is a part of the process of China's economic and social development, which not only reflects the concern for people's livelihood and well-being, but also reflects the process of continuous progress and improvement of the labor market. Only by adapting to and following up with such changes can all participants find opportunities and impetus for their own development in the new policy environment.
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